Oil dropped at the start of the week on concerns that a spreading Covid-19 outbreak in China will impact consumption even further.West Texas Intermediate futures slid as much as 6.7%, falling below the key $100 level on Monday. Rising coronavirus cases in Beijing sparked jitters about an unprecedented lockdown of the capital, while Shanghai reported record daily deaths over the weekend. The world’s biggest crude importer is heading for the worst oil demand shock since the early days of the pandemic.China’s travails with Covid-19 add another source of volatility to an oil market that’s been buffeted by Russia’s invasion of Ukraine. The war has fanned inflation, and the European Union is discussing measures to restrict oil imports from Russia, matching steps taken by the U.S. and U.K.
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